Economic Freedom Institute to Host Nobel Laureate Vernon L. Smith

Nobel Laureate Vernon L. Smith will speak on “The Role of Conduct and Rules in Determining and Enhancing the Wealth of Nations,” at the Economic Freedom Institute’s lecture on Tuesday, April 4 at Manhattanville College.

During his lecture Smith will be using propositions from Adam Smith’s “The Theory of Moral Sentiments,” to show why and how A. Smith’s model was more appropriate for predicting and explaining the economic results of the 1990s compared to traditional neo-classical models, and how the two should supplement each other.

“Neo-classical economic (game) theory failed to predict action in these experiments in the 1990s. If we had known and applied Adam Smith’s model based on mutual fellow-feeling these results would not have been unexpected,” Smith said.

Smith is a professor at Chapman University, has authored or co-authored more than 250 articles and books, and has received numerous awards and fellowships including the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experiential economics. He earned his undergraduate degree in electrical engineering from the California Institute of Technology, a master’s degree in economics from the University of Kansas, and a Ph.D. in economics from Harvard University.

Manhattanville’s Economic Freedom Institute strives to be a catalyst for popular and scholarly discussion of issues related to economic freedom.

Co-sponsoring the event is the Manhattanville College Department of Economics, Finance, & Management and the Economics Department of Purchase College.

The lecture is free and open to the public, and will take place in the West Room of Reid Castle on Manhattanville’s campus at 7 p.m. A reception will follow Smith’s talk.

Manhattanville College is located at 2900 Purchase Street, Purchase, N.Y. 10577.

Photo above courtesy of Dstringer71.

About Manhattanville College:
Manhattanville College (www.mville.edu) is an independent, co-educational liberal arts institution dedicated to academic excellence and social and civic action. Manhattanville prepares students to be ethical and socially responsible leaders in a global community. Located just 30 minutes from New York City, Manhattanville serves 1,800 undergraduate students and over 1,000 graduate students from more than 50 countries and 40 states. Founded in 1841, the College offers more than 90 undergraduate and graduate areas of study in the arts and sciences, education, business, creative writing, as well as continuing and executive education programs.